Figure Announces the On-chain Public Equity Network (OPEN) Running on Provenance Blockchain

Rhea-AI Summary

Figure (NASDAQ:FIGR) launched the On-Chain Public Equity Network (OPEN) on Provenance Blockchain to allow companies to list equity natively on-chain rather than tokenizing DTCC securities. OPEN equities will trade on a limit order book via Figure’s ATS and support continuous trading, with planned two-way exchangeability between OPEN shares and a company’s Nasdaq-listed shares to preserve cross-market liquidity. Figure highlighted its prior on-chain experience, citing $20 billion in loans originated on public blockchain, and said it filed a public registration in November 2025 for a non-dilutive secondary offering as the first OPEN issuance. Market makers (Jump Trading) and custodial provider BitGo are preparing to onboard to OPEN.

Positive

• $20 billion in prior on-chain loans originated
• Filed public registration in November 2025 for first OPEN issuance
• Planned two-way exchange between OPEN and Nasdaq shares to align liquidity
• Market participants Jump Trading and BitGo preparing to support OPEN

Negative

• OPEN rollout depends on market-maker and custodian onboarding to enable liquidity

News Market Reaction

-0.82% 1.9x vol

86 alerts

-0.82% News Effect

+11.0% Peak in 30 hr 25 min

-$114M Valuation Impact

$13.82B Market Cap

1.9x Rel. Volume

On the day this news was published, FIGR declined 0.82%, reflecting a mild negative market reaction. Argus tracked a peak move of +11.0% during that session. Our momentum scanner triggered 86 alerts that day, indicating high trading interest and price volatility. This price movement removed approximately $114M from the company's valuation, bringing the market cap to $13.82B at that time. Trading volume was above average at 1.9x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

On-chain loan originations: $20 billion OPEN registration filing: November 2025 Price move on news day: 7.75%

3 metrics

On-chain loan originations $20 billion Loans originated on public blockchain cited as track record for OPEN

OPEN registration filing November 2025 Public registration statement for non-dilutive secondary equity offering on OPEN

Price move on news day 7.75% FIGR 24h price change around OPEN launch announcement

Market Reality Check

Price: $73.91 Vol: Volume 3,636,118 is 23% a...

normal vol

$73.91 Last Close

Volume Volume 3,636,118 is 23% above 20-day average 2,965,280, indicating elevated interest ahead of and around this OPEN launch. normal

Technical Trading above 200-day MA 41.12 and 5.25% below 52-week high 59.40, near the upper end of its 1-year range.

Peers on Argus

No peers from the Loan Brokers sector appeared in the momentum scanner, and no s...

No peers from the Loan Brokers sector appeared in the momentum scanner, and no same-day peer headlines are recorded, so FIGR’s 7.75% move appears stock-specific to the OPEN announcement.

Historical Context

5 past events · Latest: Jan 12 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 12	Operating update	Positive	-10.1%	Preliminary Q4 2025 and December operating data showed sharp volume growth.
Dec 10	Crypto product launch	Positive	-2.0%	Announced $YLDS minting on Solana and acceptance of SOL as loan collateral.
Dec 04	RWA consortium	Positive	+11.4%	Launched Solana RWA consortium linking on-chain credit and DeFi partners.
Nov 24	Strategic investment	Positive	+2.8%	Ondo invested $25M into $YLDS stablecoin to power OUSG tokenized Treasuries.
Nov 21	Investor conferences	Neutral	+2.8%	Announced CEO and CFO appearances at major investor conferences with webcasts.

Pattern Detected

Recent positive announcements have produced mixed reactions, with 3 aligned positive moves and 2 instances where upbeat operating or crypto/RWA news was followed by declines.

Recent Company History

Over the last few months, Figure highlighted rapid growth in its blockchain-based platforms and capital markets initiatives. On Nov 24, 2025, Ondo invested $25 million in $YLDS, following disclosure of $19 billion in blockchain lending. Early December brought a Solana RWA consortium and $YLDS expansion, with notable monthly on-chain origination above $1B. Preliminary Q4 2025 operating data on Jan 12, 2026 showed sharp loan and Democratized Prime growth, though the stock fell 10.07%. Today’s OPEN launch extends the same on-chain strategy into public equities.

Market Pulse Summary

This announcement detailed OPEN, an on-chain public equity network on Provenance Blockchain, leverag...

Analysis

This announcement detailed OPEN, an on-chain public equity network on Provenance Blockchain, leveraging Figure’s history of over $20 billion in blockchain-originated loans. FIGR intends to list its own equity natively on-chain and enable exchangeability with its Nasdaq stock, while partners like BitGo and Jump Trading support custody and market making. Investors may watch subsequent issuer sign-ups, trading volumes on the ATS, and how this integrates with Democratized Prime and prior Solana RWA initiatives.

Key Terms

blockchain, alternative trading system (ATS), decentralized finance (DeFi), limit order book, +1 more

5 terms

blockchain technical

"Figure stock will be the first public equity trading native on public blockchain;"

A blockchain is a digital record-keeping system that securely stores information across many computers, making it difficult to alter or tamper with. Think of it like a shared, unchangeable ledger that everyone can see and verify, ensuring transparency and trust. For investors, this technology offers a way to securely track transactions and assets without relying on a central authority, potentially reducing costs and increasing security.

alternative trading system (ATS) financial

"The equities will trade on a limit order book using Figure’s Alternative Trading System (ATS)"

An alternative trading system (ATS) is a private electronic venue where buyers and sellers trade stocks and other securities outside traditional public exchanges, like a neighborhood marketplace that runs beside a big city market. For investors, ATSs can offer faster execution, lower costs, or access to large block trades, but they may trade with different transparency and rules than public exchanges, so order routing and price discovery can be affected.

decentralized finance (DeFi) financial

"Democratized Prime, a decentralized finance (DeFi) protocol to borrow against and lend out their stock"

Decentralized finance (DeFi) is a system that allows people to access financial services—such as borrowing, lending, or trading—directly through digital platforms without relying on traditional banks or financial institutions. It uses blockchain technology to operate transparently and securely, giving investors more control over their money and potentially reducing costs. This innovation matters because it can expand financial access and create new opportunities for wealth building around the world.

limit order book technical

"The equities will trade on a limit order book using Figure’s Alternative Trading System"

A limit order book is a live record on an exchange that lists all standing buy and sell instructions to trade a stock or other security at specific prices and quantities. Think of it as a marketplace ledger or a supermarket shelf showing how many units people want at each price; it matters to investors because it reveals real-time supply and demand, how easily a trade can be filled, potential price impact, and short-term support or resistance for pricing and execution decisions.

prime brokers financial

"disintermediating the role prime brokers traditionally play"

Prime brokers are specialized financial firms that provide a bundle of backend services—such as trade settlement, custody of assets, lending of cash or securities, and consolidated reporting—to professional investors like hedge funds. Think of them as a single backstage manager who handles logistics, credit and support so a trading team can operate smoothly; their terms, reliability and credit exposure affect an investor’s ability to borrow, trade quickly and manage risk, so changes can influence costs and market access.

AI-generated analysis. Not financial advice.

Figure stock will be the first public equity trading native on public blockchain; BitGo, Jump Trading Group sign on to support

NEW YORK, Jan. 14, 2026 (GLOBE NEWSWIRE) -- Building on the success of over $20 billion in loans originated on public blockchain, Figure has launched the On-Chain Public Equity Network (OPEN), allowing companies to list their equity native on blockchain. Unlike other tokenization efforts, OPEN equities are blockchain registered, not a tokenized version of Depository Trust and Clearing Corporation (DTCC) securities.

The equities will trade on a limit order book using Figure’s Alternative Trading System (ATS), opening the door for continuous trading. Shareholders will be able to use Figure’s Democratized Prime, a decentralized finance (DeFi) protocol to borrow against and lend out their stock, disintermediating the role prime brokers traditionally play.

OPEN provides several advantages to both listing companies and shareholders over the current centralized equity capital market, including:

• Blockchain registry reduces the cost and capital requirements mandated by DTCC
• Self-custody, self-settle ATS eliminates the need for custodial brokers, radically democratizing access to trading and reducing costs
• Portfolio margining through DeFi supports the potential for higher advance rates and better cross-collateralization across asset classes, including crypto
• Replacing the existing stock borrow locate process with a transparent limit order book directs stock loan economics back to shareholders, not prime brokers

“OPEN reinvents equity trading,” said Mike Cagney, Figure’s Executive Chairman. “The significant benefits over the centralized incumbent model incent companies to use OPEN and their investors to demand it. After originating over $20 billion in on-chain credit, we’re now excited to bring public equity to Provenance Blockchain.”

Figure plans to be the first issuer to use OPEN, having filed a public registration statement in November 2025 for a non-dilutive, secondary equity offering using the OPEN network. Figure intends to support frictionless two-way exchange of OPEN stock for its Nasdaq equity, a capability every OPEN issuer will have. By making the securities exchangeable, liquidity is consistent across both marketplaces.

Market makers such as Jump Trading LLC have begun preparations to be onboarded to the blockchain and enabled to provide market-making and BitGo signing on to provide qualified custodial services to eligible OPEN shareholders who need it.

“We’re seeing growing momentum across the industry toward more transparent, blockchain-native market structures,” said Mike Belshe, CEO and Co-founder of BitGo. “Figure’s OPEN on-chain offerings represent the next evolution of digital asset markets, and BitGo is proud to support the infrastructure that enables them to operate securely and at scale.”

In connection with the announcement, Figure is building out a dedicated business development effort to drive OPEN adoption, and already has its first commitment for the next on-chain issuance. Figure expects strong additional interest from DATs and blockchain native companies, as well as support from the dealer community and buy-side pressure to drive growth in the OPEN network of listed companies.

Issuers interested in learning more can visit https:/www.figure.com/OPEN

About Figure Technology Solutions, Inc.
Figure Technology Solutions, Inc. (Nasdaq: FIGR) is a blockchain-native capital marketplace that seamlessly connects origination, funding, and secondary market activity. More than 200 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated over $21 Billion of home equity to date, among other products, making Figure’s ecosystem the largest non-bank provider of home equity financing. The fastest growing components are Figure Connect, its consumer credit marketplace, and Democratized Prime, Figure’s on-chain lend-borrow marketplace. Figure’s ecosystem also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and $YLDS, an SEC-registered yield-bearing stablecoin that operates as a tokenized money market fund.

Figure is the market leader in real world asset (RWA) tokenization and its most recent securitization received a AAA rating from S&P and Moody’s, the first of its kind for blockchain finance. For more information, visit https://figure.com or follow Figure on LinkedIn.

The On-Chain Public Equity Network includes a variety of services offered by the Figure Group of companies, which include its alternative Trading System (“Figure ATS”) operated by Figure Securities, Inc., member FINRA/SIPC. Figure Securities, Inc. is a wholly owned subsidiary of Figure Technology Solutions, Inc.

Media Contacts

Figurepr@serotonin.co

FAQ

What is Figure's OPEN network and how does it differ from tokenized DTCC securities (FIGR)?

OPEN lists equity natively on-chain as blockchain-registered securities rather than tokenizing existing DTCC securities, and trades them on a limit order book via Figure’s ATS.

When did Figure file a registration for the first OPEN on-chain equity offering (FIGR)?

Figure filed a public registration for a non-dilutive secondary OPEN offering in November 2025.

How does liquidity work for OPEN shares versus Nasdaq shares for FIGR issuers?

Figure intends to support frictionless two-way exchange so OPEN shares can be exchanged for a company's Nasdaq equity, keeping liquidity consistent across both markets.

Which service providers are preparing to support FIGR OPEN listings?

Market maker Jump Trading is preparing to onboard for market-making and BitGo is preparing to provide qualified custodial services.

What on-chain experience does Figure cite to support OPEN (FIGR)?

Figure cites having originated over $20 billion in loans on public blockchain as prior on-chain experience.